ProFrac Holding Corp. (NASDAQ:ACDC) Given Average Recommendation of “Reduce” by Analysts

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) have been given a consensus recommendation of “Reduce” by the five ratings firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $5.25.

A number of equities analysts have recently weighed in on the company. Piper Sandler upped their price objective on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Wall Street Zen raised ProFrac from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Morgan Stanley dropped their price target on ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Thursday.

ProFrac Trading Up 8.8%

Shares of ProFrac stock opened at $4.83 on Friday. ProFrac has a fifty-two week low of $3.08 and a fifty-two week high of $8.22. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. The company has a market capitalization of $879.65 million, a P/E ratio of -2.07 and a beta of 1.46. The company has a fifty day moving average of $5.05 and a 200 day moving average of $5.89.

Insider Activity at ProFrac

In related news, major shareholder Dan H. Wilks bought 202,331 shares of the stock in a transaction dated Tuesday, August 11th. The shares were purchased at an average price of $5.44 per share, with a total value of $1,100,680.64. Following the completion of the acquisition, the insider owned 87,500,195 shares of the company’s stock, valued at $476,001,060.80. This represents a 0.23% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Wilks bought 22,481 shares of the stock in a transaction dated Tuesday, August 11th. The stock was bought at an average cost of $5.44 per share, for a total transaction of $122,296.64. Following the acquisition, the chief executive officer directly owned 502,097 shares of the company’s stock, valued at approximately $2,731,407.68. This represents a 4.69% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 800,000 shares of company stock worth $4,018,391. Company insiders own 2.23% of the company’s stock.

Institutional Trading of ProFrac

Hedge funds have recently bought and sold shares of the stock. Creative Planning bought a new position in shares of ProFrac during the 2nd quarter valued at about $102,000. JPMorgan Chase & Co. increased its holdings in shares of ProFrac by 818.7% in the second quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after purchasing an additional 90,176 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after buying an additional 3,476 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of ProFrac in the second quarter worth about $553,000. Finally, Sei Investments Co. boosted its stake in ProFrac by 17.7% during the second quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after buying an additional 6,200 shares during the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.

About ProFrac

ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.